The Insurance Industry

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The Insurance Industry
The global insurance industry is one of the largest sectors of finance. It ranges from consumer to corporate and industrial insurance, and even reinsurance, or insurance of insurance.

The major insurance markets of the world are obviously the US, Europe, Japan, and South Korea. Emerging markets are found throughout Asia, specifically in India and China, and are also in Latin America.

With the internet and other forms of high-speed communication, companies and individuals are now able to purchase insurance and related financial products from almost anywhere in the world. Increasing affluence, especially in developing countries, and a rising understanding of the need to protect wealth and human capital has led to significant growth in the insurance industry.

Given the evolving and growing socio-economic conditions worldwide, insurance companies are increasingly reaching out across borders and are offering more competitive and customized products than ever before.

Over the past ten years, global insurance premiums have risen by more than 50%, with annual growth rates ranging between 2 and 10%.In 2004, global insurance premiums amounted to $3.3 trillion.

The majority of insurance comes from developed nations such as most of Europe, the US, and Japan. In 2004, premiums in North American amounted to $1,217 billion, while the European Union generated $1,198 billion, and Japan produced $492 billion. The UK amounted to $295 billion.

The four biggest generators of insurance premiums comprised almost two-thirds of premiums for 2004, the US and Japan amount to half, while they only make up 7% of the world’s population.

In contrast, the emerging markets that make up 85% of the world’s population produced only 10% of the premiums.

The leading global insurance companies are:
1 – Allianz – Germany
2 – AXA – France
3 – Ping An Insurance – China
4 – Prudential Financial – US
5 – Metlife – US
6 – Japan Post Insurance – Japan
7 – Berkshire Hathaway – US
8 – Nippon Life Insurance Company (Nissay) – Japan
9 – Prudential plc – UK
10 – Legal & General – UK
11 – Assicurazioni Generali – Italy
12 – Aviva – UK
13 – Manulife Financial – Canada
14 – Zenkyoren (1) – Japan
15 – American International Group (AIG) – US
16 – Dai-ichi Life Holdings – Japan
17 – CNP Assurances – France
18 – Aegon – Netherlands
19 – China Life Insurance – China
20 – Zurich Insurance Group – Switzerland
21 – Meiji Yasuda Life Insurance Company – Japan
22 – Power Financial Corp – Canada
23 – Sumitomo Life Insurance Company – Japan
24 – Munich Re – Germany
25 – Life Insurance Corporation of India – India
26 – TIAA – US
27 – New York Life – US
28 – Cathay Financial Holding – Taiwan
29 – Lincoln National – US
30 – NN Group NV – Netherlands
31 – Northwestern Mutual – US
32 – State Farm – US
33 – Standard Life Aberdeen – UK
34 – Principal Financial – US
35 – Samsung Life Insurance – South Korea
36 – Massachusetts Mutual – US
37 – Nationwide Mutual Insurance – US
38 – Voya Financial – US
39 – Old Mutual – UK
40 – Hartford Financial Services – US
41 – Brighthouse Financial – US
42 – Fubon Financial – Taiwan
43 – Swiss RE – Switzerland
44 – Swiss Life Holding – Switzerland
45 – Sun Life Financial – Canada
46 – Tokio Marine Holdings – Japan
47 – MS&AD Insurance Group – Japan
48 – AIA Group – Hong Kong
49 – Talanx AG – Germany
50 – China Pacific Insurance Group (CPIC) – China
51 – Chubb Ltd – Switzerland
52 – USAA (United Services Automobile Association) – US
53 – Pacific Mutual Holding Company – US
54 – People’s Insurance Co (Group) of China – China
55 – Liberty Mutual Holding Company – US
56 – Aflac – US
57 – T&D Holdings – Japan
58 – Ageas – Belgium
59 – Achmea – Netherlands
60 – Allstate – US
61 – Covea Mutual Insurance Group – France
62 – Sompo Holdings (2) – Japan
63 – Shin Kong Financial – Taiwan
64 – Hanwha Life – South Korea
65 – New China Life Insurance – China
66 – Unipol Gruppo Finanziario – Italy
67 – Genworth Financial – US
68 – Travelers Companies – US
69 – Groupama – France
70 – Phoenix Group Holdings – UK

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